Great News!

So it has been almost a year since we started the mortgage modification process. This week we found out we were approved. I have to say that I am shocked, but happy. My only concern is that the actually modification amount is about $400.00 more than what we were paying during the trial period. I will call Citimortgage about it on Monday, but inevitably it is still $1000.00 less than our normal mortgage payment. A major brick has been lifted but the journey has not ended. I will be locked in at 2% for the next five years. After that my mortgage will go up 1% per year for the next three years until it reaches 5%, which is 1% less than our original interest rate. I am also hoping that by that eight year mark I will have payed off enough of my principle to get rid of PMI which would drop my payments by $200.00 per month.

I will continue to randomly post updates as we finish up the paperwork and get a few more answers from Citi, but I hope our ups and downs will help guide others who are looking to save there home.

Off to underwriting

Update 2: Have to call 1-866-272-4749 because once it goes to underwriting it is back in Citimortgage’s hands. Mortgage outreach cannot provide an update, in fact was told my case was closed and already forwarded to Underwriting. So I am calling the Home Owner Assistance team and am hoping the next person I talk to can provide more information. Will post again next week.

Update: 1-866-272-4749 (home owner assistance team for Citimortgage) is the number provided, but it is not a direct number to underwriting. Instead I was directed to Citimortgage’s main line and they looked up my status. Funny, the week of March 17th the lady did provide me with a number to underwriting (I was out and about so no writing utensil to write the number down – darn!).  Anyhow, while she did not see notes from Underwriting, she did say the account has been assigned to an account overseer named Venyam Hailu 1-301-696-4197 x44197. I have a feeling I need to call Mortgage Outreach for a better response, so that is my next attempt.

Original Post: I have been going through this process since May. I finally went into Trial early August. March 17th I finally went to underwriting. It will surely be a year of headaches and heartaches by the time I get a response from Underwriting, which I assume is going to be denial. I am calling them today. Will post their number and let you know my status.

Into March – still on Trial, nothing promising

We are into the month of March. Citi has received my tax transcripts from the IRS, they have pay stubs and bank statements through January, yet every month they request another bank statement and it never moves to underwriting. I have no hopes that it will progress from document review to underwriting. In fact, I believe that every month it will be kicked back until my unemployment reaches a point I no longer qualify for the mortgage modification loan. I followed the process, I did what they asked, and yet they still toy around with our emotions. The only thing Citi cares about is the money they get from the government and the lies they let the media spread about them. I am frustrated and believe nothing they say! I hope others have better luck than I have.

Partially good news

Called Citimortgage today to see if document review received my bank statements and that everything looked good. Honestly I expected something to be wrong based on the track record thus far, but lord and behold not only did they accept my statements, but Mortgage Outreach has gone forward and requested my taxes for 2007 and 2008 from the IRS. Not sure exactly what that means, but its a step closer than I have been. I am not sure how long it will take for them to get the records either, I am hoping it doesn’t take a month, but with my luck it probably takes three…guess time will tell. I will call back next week and find out. They requested them Wednesday January 20, 2010 so lets make a mental note of how long it takes for future reference. Once the documents comes in they may request additional statements, I don’t know. At this point, I just want to move forward. In the meantime, I will continue to make trial payments. Will keep you posted.

Final payment made – but Citi wants more…again!

So after sending in my final paperwork for about the fifth or sixth time, Mortgage Outreach told me I was once again missing documents. Bank statements! Again! So I went ahead, got print outs, scanned them in, and emailed them to Citi yesterday. No confirmation from them on whether they were received and/or scanned, but I will call tomorrow, Thursday and Friday for confirmation. I tried calling them about six times last week, but after being on hold for 25 minutes either I was disconnected or had to hang up because 80% of my cell phone minutes are already dedicated to calling Citi. I did not receive any texts, mail, or emails from them telling me I was still missing documents. Your slacking as covering your rears Citi!

Because I had already made my last payments when I found out about the missing documents (from me calling of course) I am not 100% sure what my status is. As you know, we all get told different things by different people. The last person I spoke with told me that I would just continue making trial payments until all documents were in order and they were ready for underwriting. Does that mean that my documents, assuming they have no complaints this time around, should go to underwriting on Monday?

It is very hard for me to keep my patience with them and while I know giving up is not an option, it almost seems less stressful at this point. Still lets see where things are on Friday. I will post again then.

CitiMortgage is not to be trusted!

Update: I should mention that I am dealing with the Lost Mitigation Department, which is a third party company hired to help Citi. None the less, their actions reflect onto Citimortgage as a whole.

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As I mentioned in my post earlier today, I was calling Citimortgage to ensure everything was in order. It was then that I learned that the 4506-T was not valid because I had lined out a date I placed in the wrong field. It amazes me Citi did not notify me of the issue (thankfully I am proactive). They also told me that I needed to send them more recent pay stubs and bank statements. The same documents two weeks ago I was told not to worry about. I had my first breakdown with them on the phone, crying out of frustration. I even asked to speak to a manager because the information I was being told by Ken (KE39204) was not the same information James Brenson told me a few weeks ago. Not only was the manager Taiwan (or something of that nature) not kind, but in the middle of me trying to explain to him the situation, without warning, he put me on hold, and never picked up again. Shameless to say the least but who do I complain to about this? Anyhow, I ended up emailing them the updated 4506-T, statement for October and November’s partial statement because apparently (as of today I assume) there is now a 60 or 90 day expiration on these files as well (one person told me 60 another person told me 90…and of course can’t believe anyone that works for Citi, so I took the shorter expiration date to be safe).  I now have to hope my husband has paystubs available to scan and email this evening. Again, all of the documents must be received, scanned, and reviewed by January 1 or I could either be put on trial again (totally bogus) or start the process all over again (double bogus). With that said, you can only imagine the heart break I am feeling so close to Christmas. I suppose now it is time for me to come to terms with the fact that I will be losing my home due to the incompetence of Citimortgage! Thanks Citi for nothing

Letter of Apology…forbearance letter mailing error

As promised by Citimortgage, I received a letter last week informing me that a cancellation of forbearance letter was sent to me in error. Thank goodness. Now I just have to see if I get approved for the loan modification. I am calling today to ensure all of my paperwork is in order and that after my January 1st payment my documents will go to underwriting for review and a final decision. I should have an answer by January 10th, or at least that is my assumption. Of course we all all know assumptions make an ass of u and me…so we will see. Unless I have any real updates, no posts until the new year! I wish you all a happy holiday season. I know that for me and my family this year could not have ended soon enough. Here is to hoping the new year brings better news and happier time to everyone.

Nasty Forbearance Letter from Citi

Received a letter yesterday dated 11/20/2009. It was informing me that because I have not upheld my part of the bargain, my forbearance was canceled and  that I would be moving into foreclosure. Obviously I called Citi immediately. The gentleman informed me that the letter was mailed in error to many home owners that were on the MHAP. He said a letter would be going out this week to correct this issue and to ignore the letter. I plan on doing so, especially since he also told me that my last document was finally scanned and ready for document review. Yippie!

Assuming things fair well with the document review (I will be calling weekly for a status report), once I make my final trial payment and it clears, my paperwork will be sent to underwriting. Supposedly once it goes to underwriting I should have an answer withing three days. Based on CitiMortgage’s track record, I am assuming things are not going to materialize that fast, but will again check weekly to find out. I will be sure to keep you posted and  let you know the outcome.

Another missing document – sort of + interesting info

So I got a call from Citimortgage yesterday informing me that I was missing documents and to please stay on the line. First I was told the bank statements and pay subs I sent them were out of date. Really, who’s fault is this? Mine? Not my fault Citi lags and is notorious for losing documentation. Luckily the guy I spoke with agreed that this was asinine (obviously not his wording lol). He spoke with two managers and they agreed, so that was cleared, for now. Then I learned something very interesting. The 4506T is only valid for up to 60 days. While annoying, mainly because the lag is due to Citi’s inabilities, it was simple enough and here is why…

According to the rep I spoke with, and yes I did not follow my own directions to get a rep name and number, they are now allowed to receive documents via email. Supposedly this is newly implemented, but I doubt that, as I have heard from others who were permitted to email their documents for some time now. Again this is probably the luck of the draw – who picks up on the other end. Either way, I was happy to be able to email the document to him. He even sent a confirmation email (which in turn means that I now have his name and traceability archived in my email providers database).

I am sure something else will happen over the next few weeks that will require action on my end, guess we will see soon enough.

I will be calling them again in two weeks to find out the status. I only have one more trial payment, so hopefully I start to see things finalize without any more hiccups.

I still have not heard any updates to the MHAP but to be honest I haven’t had much time to research this week. I will try and find time over the next few days and will post something next week. Until then, hold your head up high and never give up hope.

Administration plans new efforts to help homeowners

I read an article I wanted to share with everyone today. The link is

http://news.yahoo.com/s/ap/20091130/ap_on_bi_ge/us_home_foreclosures;_ylt=AoduLFaAeaku2Gy_OXqU67is0NUE;_ylu=X3oDMTMyMjVsZ3VvBGFzc2V0A2FwLzIwMDkxMTMwL3VzX2hvbWVfZm9yZWNsb3N1cmVzBGNwb3MDMgRwb3MDNwRwdANob21lX2Nva2UEc2VjA3luX3RvcF9zdG9yeQRzbGsDYWRtaW5pc3RyYXRp

I knew that Citimortgage made money off of each loan they modified, what I did not know was that they received $1000.00 as soon as they put a person in trial period with no mention of having to pay the money back if they do not approve you. From my understanding Citimortgage makes $4,000.00 per account they modify. The government is now trying to speed up the modification approval process and delay payments to banks until homeowners are approved. In my opinion it seems obvious to pay them once approved, otherwise they are getting funds for the assumption they plan to help. The official changes to the MHAP are supposed to be announced today. I will keep an eye out and post anything of interest.